Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Current	$	44,638	$	52,058	$	37,489
Deferred	(6,606)		(6,527)		(13,332)
Income tax provision	$	38,032	$	45,531	$	24,157

Federal Statutory Income Tax Rate Reconciliation

The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows: 

	Years Ended December 31,
	2024		2023		2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of Federal benefit	4.7	%	3.9	%	4.1	%
Change in valuation allowance	—	%	(1.4)	%	—	%
Excess tax benefits related to share-based compensation (Note 15)	(7.9)	%	(4.0)	%	(2.4)	%
Return to provision	(0.1)	%	0.2	%	(0.3)	%
Non-deductible executive compensation	2.1	%	1.7	%	—	%
Research and development tax credits	(1.4)	%	(1.2)	%	(2.1)	%
Other	—	%	0.2	%	(0.9)	%
Effective tax rate	18.4	%	20.4	%	19.4	%

Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

 

	December 31,
	2024		2023
	(in thousands)
Deferred income tax assets (liabilities):
Allowance for credit losses and inventory reserves	$	1,741	$	1,724
Warranty accrual	6,386		5,462
Other accruals	8,034		3,989
Share-based compensation	8,853		8,560
Research & development expenses	29,140		18,647
Oklahoma investment credit carryforward	689		2,306
Other, net	3,079		1,673
Net deferred income tax assets	57,922		42,361
Property & equipment	(57,086)		(54,495)
Total deferred income tax liabilities	(57,086)		(54,495)
Net deferred income tax asset (liabilities)	$	836	$	(12,134)